Aadhar Housing Finance chief executive Deo Shankar Tripathi told ET that the exercise would be completed in a month or two and would prelude its proposed merger with DHFL Vysya Housing Finance, another entity owned by the Wadhawan family.

IFC holds 20 per cent in the company set up in 2011 with Wadhawan Global Capital (WGC) having around 62 per cent interest. Dewan Housing Finance Corporation, which is 33 per cent owned by WGC, holds 14.5 per cent in Aadhar while the balance remains with Wadhawan family members.

Housing finance companies are barred from owning more than 15 per cent in each other.

Tripathi said the investors will invest proportionately and there will be no change in holding pattern.

Total capital requirement for Aadhar this fiscal is projected at Rs 100-125 crore. Besides promoters’ contribution, the company aims to plough back Rs 50 crore from profit.

Aadhar aims to disburse Rs 2,100 crore this fiscal, more than double of last year’s disbursal of Rs 1010 crore. It also aims to double outstanding loans to Rs 3,500 crore by March next year from Rs 1820 crore as on March 2016.

It has its net worth at Rs 120 crore at the end of March. It reported Rs 12.6 crore net profit for the 2015-16 fiscal.

The company operates in northern and western markets and has 121 branches to reach out to borrowers. It provides loans up to Rs 25 lakhs to both salaried and self-employed individuals with monthly incomes ranging between Rs 5,000 to Rs. 50,000. It also offers project loans for development of low cost housing, one of the priorities of the Modi government.

The proposed merger of Aadhar Housing with DHFL Vysya, which operates in southern India, will create a bigger pan-India housing finance company targeting the low and middle income groups.

Aadhar board has recently approved the merger proposal as well as the plan to shift its registered office from Mumbai to Bengaluru.

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.